Keep More of What You’ve Built: Retirement Income, Taxes and Lasting Wealth

saving a small amount soon builds up to a large amount and that was said by

a scottish proverb yeah an old scottish saying here i would have asked you to say it with a scottish accent but i don't think that would have turned out well for anybody but yeah

you had to give me a little practice first

people don't give the scottish enough credit for being uh savvy like savvy with money but like carnegie scottish like half the half the og gilded age billionaires are equivalent they were scottish

Yeah.

Talk about and they knew about building up something small into something huge.

And they definitely did.

So I

don't want to resort to stereotypes and bother an entire country.

But yeah,

well, there you go.

So moving on.

No, but talking about building up something small into something big, you know, these are some tips we're going to talk about and some habits that we're going to talk about here.

that actually this came from an article on kind of like the five habits that rich retirees sort of lean on and, you know, help keep themselves wealthy.

But we've got these habits here that we're sharing with everybody because they really are things that can be distilled down and apply to anyone, no matter how much you have saved or invested.

And, you know, you can help you build that wealth.

Jack, get us started as we kind of get set up for this conversation here.

so accumulating wealth and preserving wealth are two very different jobs um during your working years you're generally adding money to your accounts and you can kind of stomach a market downturn you have time to recover uh retirement that process kind of reverses everything the paychecks stop coming in most of the time and then withdrawals begin And the financial mistakes are much harder to overcome over time.

A recent article highlighted the five habits wealthy retirees often use to protect their like what they've built and their retirement.

And the whole goal is spreading it out over different kinds of investments or different like actual entities.

These habits can help you create a more sustainable retirement no matter what the market does.

Yeah, and kind of the nice thing about these tips is, before you even get into them, is no matter how much you have saved, no matter how much you have invested, these tips can help you out.

They're pretty universally applicable.

And what we're going to start out with is creating an income floor.

So start by identifying how much dependable income you need each month.